Dhaka: Chief Adviser Professor Muhammad Yunus has directed the establishment of an independent institution dedicated to research in the power and energy sectors, emphasizing that this entity should not fall under any ministry's purview. 'There must be a separate institution for research and development. It will not operate under a ministry. It will be a separate and strong entity, which will maintain communication with all relevant global institutions and support the government in policy formulation,' he stated.
According to Bangladesh Sangbad Sangstha, Prof. Yunus delivered these instructions while chairing a meeting on the Power and Energy Sector Master Plan 2026-2050 at the State Guest House Jamuna. The Ministry of Power, Energy and Mineral Resources presented the master plan, which aims to provide reliable, affordable, and sustainable primary energy and electricity for Bangladesh through optimal resource use and enhanced energy security.
Prof. Yunus acknowledged the sector's critical role in the nation's economy, remarking, 'This sector is the lifeline of Bangladesh's economy. If it becomes strong, the economy will stand firm. It affects the lives of every citizen.' He highlighted past inefficiencies and stressed the need for a comprehensive approach, noting that many previous projects were flawed and should not be repeated.
The meeting, attended by high-level advisers and officials, addressed policy gaps in earlier master plans and outlined a phased implementation strategy. Phase-I (2026-2030) focuses on offshore exploration, gas production, LNG supply security, refinery expansion, and energy storage. Long-term strategies include offshore gas development, petrochemical industry expansion, and alternative energy sources like hydrogen and geothermal power.
The ministry conveyed that the master plan seeks to balance rapid energy sector growth with climate impact mitigation, aiming for cleaner fuel use and economic opportunities. Electricity demand is expected to rise significantly, with efforts to reduce emissions through advanced technologies.
The plan includes reforms such as repealing the Quick Rental Act, adopting the Merchant Power Policy-2025, and approving various renewable energy initiatives. Investment estimates suggest US$70-85 billion for the energy sector and US$107.25 billion for the power sector from 2026 to 2050.